Find the oil pressure sender, make sure the connection is tight and clean. Take the wire loose from the sender and touch it to ground while someone sits behind the wheel with the ignition on, it should read full scale, and when removed from ground should read zero......do this only momentarily, it establishes that your guage is good.
If the above checks out OK there is a chance that the diaphram inside the sender has ruptured and oil is on the internal contacts, that will cause erratic readings. Senders are fairly cheap, at that point replace it and the problem may be solved.